The "first" year reference was just in regards to ANZ waiving their Breakfree package fee of $375 for the first year. You'll have to pay the fee from the second year onwards (that's assuming you're getting the breakfree package).

These annual package fees are not uncommon. Each major has one for their pro pack product.

Cheers

Jamie

ANZ are quite a good option at the moment. Not only is their current rate discount/fee waiver for first year promo good but their cashout policy has improved as well.

Make sure you don't cross those loans! Your broker should know how to set-it up correctly for you.

Cheers

Jamie

They should know but it doesn't hurt to contact them to make sure.

We had water bills going to an IP address when they should have came to our postal address. After 12 months we had racked up a bill of $1k+ and were issued with a few warnings to pay up (we had no idea about any of this because it was all forwarded to the wrong address and the tenant disregarded it).

Cheers

Jamie

Hi Manish

Sorry to hear about your sad news.

With the loan – just think of it in this simple way.

What are funds being used for?

If it's for investment purposes = funds are tax deductible
If it's for non-investment purposes = funds are non-tax deductible

I'm not an accountant (and would advise that you seek qualified advice) but if you are using these funds for an investment property then I would have thought they would be tax deductible.

Cheers

Jamie

Hi @sydney

Welcome to the forum.

You can use this spreadsheet on our website to get an idea of holding costs – http://www.passgo.com.au/pass-go-investment-property-analysis-tool.html

Cheers

Jamie

I was thinking the same. It's performed ok so far. We've hit a bit of a stagnant patch now but what makes you think this won't continue to be a good investment in the long run?

Cheers

Jamie

Hi Hirav

You might receive more responses if you changed the title to "property investor meetup – Sydney".

The "enthu" part is a tad confusing.

Cheers

Jamie

Hi again

I've never heard of this rule – but there are thousands of different rules kicking around by thousands of different property investors….

I'm all about cosmetic renos. They are affordable – you can often carry out most of the work yourself if you choose (I actually like doing that sort of stuff when I have a spare moment) and they add value as well as increase the rental yield.

My wife and I recently carried out some cosmetic renos on a house in Canberra – we spent $7k on internal renos including new carpet, paint, refaced kitchen, window fittings and other bits and pieces.

It's being rendered this w/end and we'll spend the rest of spring tidying up the landscaping.

All in all, we would have spent around $13k on this house once it's done. It was purchased for $415k and should be worth quite a bit more once it's all done.

At that point, we'll get it revalued, tap into some equity and purchase the next.

Cheers

Jamie

Hi Sam

It's refreshing to hear from a bankers perspective – thanks for sharing.

Cheers

Jamie